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11-19-2010 08:40 AM - edited 11-19-2010 08:41 AM
Im trying to send a PFD letter, they have my account from my Target Card. I called to get their address, they said they cant do a PFD and they dont have a address. What should I do???? and they said that they can send a letter saying it has been paid. is that the same as Delete?
11-19-2010 09:20 AM
Who is reporting the balance? Target or Progressive?
No, if Progressive is reporting a balance, and you pay them, the TL won't delete. Per CAs, a $0 balance is just as bad as a $10,000 balance per FICO scoring.
11-19-2010 09:46 AM
well i frist called target they said that progressive has the account.
what do you think I should do?? Its around 500
will paying it off look worse??
11-19-2010 09:54 AM - edited 11-19-2010 09:55 AM
Very important: who is reporting the debt?
ETA...if you haven't done so, pull your CRs directly from each CRA. You can get all 3 for free once a year via annualcreditreport.com.
You don't want to send a PFD to Progressive if they aren't reporting the debt. If they are not reporting, then Target assigned the debt to them for collection, but they don't own the debt and they won't report.
11-19-2010 10:02 AM
I have my report here. how do I know whos doing what??
here is what it has
type: collection/charge off
at the top it has target NB
thanks for your help im super confused and they wanted me to pay then pressuring me. I told them id cal back. they did mention that target can come and take the account from them which made me wonder.
11-19-2010 10:12 AM
Just what I suspected....
Target owns the debt. Sometimes they don't have the time or resources to collect so they'll hire a CA (Progressive in this case) to collect on their behalf. Outsourcing if you will. During this period, Progressive will bug you and demand you pay them, but it is Target that owns it. Conversely and as you experienced, if you call Target, they'll refer you to Progressive saying they are the ones to deal with. Progressive will not report during this time and Target will continue to own the debt and report. BTW, one sure sign to tell if an OC still owns the debt is if the OC reports a balance AND there is no CA reporting. Once the OC sells the debt to a CA, then the OC will report $0 as a paid CO.
I would send a PFD to Target. Ignore Progressive. If after several attempts fail or go unanswered, I would PIF Target. BTW, your FICO scores will go up if you pay off Target (assuming your CL is $500 or less).
11-19-2010 11:06 AM
I would first try the address listed on your CR. Otherwise, I'd find an old statement and use the address listed on there. They may also have it listed on their website.